Opened in 1966 at 530 B St., the 24-story building was sold by Union Bank of California, a subsidiary of the Bank of Tokyo, for an undisclosed sum. But the county assessor's office placed the price at $29 million, based on the documentary transfer tax.

"I like the building," said John V. Bragg Jr., Kearny's vice president and partner in San Diego, "It's kind of a classic, mid-'60s pedestal building in a good location."

By pedestal, he meant the ground floor covers much of the block and the tower is set back from the edge. The third-floor deck, where bank executives used to entertain customers, is to be refurbished as a top amenity for new tenants.

"It's not used at all," Bragg said. "We're going to change that environment -- and going to spend some money, install hardscape furniture -- as a place where tenants can go and kick back. There will be a trail all around it."

The building is currently only 57 percent occupied -- the top four floors are completely vacant. But Bragg said the small floorplate size of 9,250 square feet should appeal to many of San Diego's small office tenants, particularly high-tech startups, that rarely need more than 10,000 square feet.

"The startups aren't that big," he said. "We'll give them some bells and whistles, the outdoor space, a place to eat. It's close to everything -- the suburbs are filling up, the (lease) rates are higher than here. If you're a smaller startup company, we've got a downtown environment and a floor where you can see stuff (out the windows) -- and it's cool."

The place to eat is tentatively planned for a corner of the ground floor, where Bragg hopes to locate a popular restaurant. Other improvements will include redesigned floor lobbies and restrooms and an exterior cleaning.

One possible strategy might involve Kearny buying the now-closed and city-owned 250-space parking garage immediately north. Bragg said his building only has about 150 spaces, a number below the downtown average of 1.1 spaces per 1,000 square feet.

The building, which will henceforth we known as the 530 B Building, will continue to count Union Bank as the anchor tenant and the bank will retain sign rights at the roof line.

The site occupies a storied history in downtown lore. It was the site of the Pantages/Orpheum movie theater, built in 1924. In 1962 Del E. Webb Corp. of Phoenix proposed a twin-tower complex connected over B Street by a 1,000-space parking garage, topped by a pedestrian deck with shops and restaurants.

When that deal went nowhere, San Diego's oldest bank, the First National Bank, founded in 1883, instead went forward with its own tower on the theater block in 1964. It hired a young architect, Hal Sadler, to design the tower.